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9 <br /> 1 Slide #14 <br /> Sales/Income/Cost File; <br /> Sales in Neighborhood 0901 and cost data <br /> from builders and developers indicate. <br /> MMMMMM <br /> Sq ft 2000 2500 3000 1500 $120 <br /> $240,000 $300,000 $380,000 $180,000 <br /> Bath 1F11-1 2F!1-1 2F21-1 1F1H 2FOH <br /> -$1,000 +S1,000 41,500 -51,000 base <br /> Flreplae Y+4;000 fJ Y+4,000 hl $4,000 <br /> Grade C D-20% 8 +20% C C Avg <br /> Value $243,000 $240,800 $438,000 $181,000 <br /> 3 Kirk Boone said that data from properties would be used to create a mass appraisal. He <br /> 4 showed that some characteristics add or decrease value based on the neighborhood market. <br /> 5 Commissioner Hamilton asked if it is one equation for all of the property in a county and <br /> 6 then the different variables and coefficients have to capture the different variables for each <br /> 7 neighborhood. <br /> 8 Kirk Boone said no. <br /> 9 Commissioner Hamilton asked if it is an equation by neighborhood or for the whole <br /> 10 county. <br /> 11 Kirk Boone said that typically, several neighborhoods make up a larger market area. He <br /> 12 said that there could be one model for market area that takes the neighborhood into <br /> 13 consideration. He said that there is not one equation or coefficient for the whole county, but <br /> 14 there could be for a neighborhood. He said that all of the equations then come together with the <br /> 15 use of the software. He said they need to be able to explain the models instead of saying that a <br /> 16 computer did it. He said that many times the model structures and coefficients are done by <br /> 17 multi-linear regressions and other statistical processes that are not completed by hand. <br /> 18 Commissioner Hamilton asked how often someone examines the neighborhood and how <br /> 19 it might be changing to update the model. <br /> 20 Kirk Boone said all that work must be done before the next reappraisal. He said this is all <br /> 21 done years in advance. <br /> 22 Commissioner Fowler asked about the "grade" of a home, listed on slide #14. <br /> 23 Kirk Boone said that some of the characteristics consider types of standards that are set <br /> 24 in a data collection manual. He said that some of the characteristics considered are quality of <br /> 25 construction and the condition. He said that these are two subjective areas. <br /> 26 <br /> 27 <br />